Kevin Hjortshøj O'Rourke's picture
Affiliation: 
Oxford University
Credentials: 
Professor of Economics

Voting history

The Future of Central Bank Independence

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Question 3: More generally, do you agree that it is desirable to maintain central bank independence? Again focus on the near future, say next 48 months.

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Answer:
Agree
Confidence level:
Not confident

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Question 1: Do you agree that central bank independence in the Eurozone and the UK will decline over the next 48 months?

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Answer:
No opinion
Confidence level:
Confident

German Council of Economic Experts' view of ECB policy

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Question 2: Do you agree that the ECB's monetary policy masks structural problems of member states?

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Answer:
Disagree
Confidence level:
Confident
Comment:
A country with structural problems may still need supportive macroeconomic policies so this strikes me as a very odd statement.

German current account surpluses

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Question 2: Do you agree that the German government should increase public spending given its persistently large current account surplus and given that it is part of the Eurozone?

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Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
With insufficient private spending in the Eurozone, governments that are able to have to pick up the slack.

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Question 1: Do you agree that German current account surpluses are a threat to the Eurozone economy?

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Answer:
Agree
Confidence level:
Very confident
Comment:
Germany's current account surpluses spill over to the whole world, not just the Eurozone but nonetheless they are a threat to the Eurozone economy -- or perhaps rather they reflect underlying problems which themselves pose a serious threat. Viewed macroeconomically, they reflect insufficient spending in an economy with fiscal space, at a time when there is a chronic lack of demand in the Eurozone and global economies. Viewed through the lens of exports minus imports, they reflect an undervalued currency which is exporting unemployment to neighbours such as France. If this continues indefinitely that has to pose a political threat to the survival of the Eurozone.

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